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Speaker 1: I'm Will Lucas and this podcast, if you haven't heard,

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Speaker 1: has been nominated for an inn Double A CP Image Award,

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Speaker 1: and I need your help. The Double A CP has

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Speaker 1: recently opened up the opportunity for the public. That means

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Speaker 1: you to weigh in and vote on this category. Head

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Speaker 1: over to vote dot Double A CP Image Awards dot net.

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Speaker 1: Scroll to the Outstanding News and Information Podcast category and

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Speaker 1: vote for Black Tech, Green Money. It's not often that

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Speaker 1: we see a podcast for us by US, which highlights

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Speaker 1: the stories of black innovators, technologists, venture capitalists and angel investors,

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Speaker 1: scientists and engineers with this biggest spotlight. So I'm asking

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Speaker 1: for you to take a moment of your day and

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Speaker 1: vote for us now. So I think this is where

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Speaker 1: I think a lot of people can have a pretty

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Speaker 1: bad misconception. The base layer technology that we're talking about

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Speaker 1: is blockchain technology. The first use case, the first the

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Speaker 1: first born child use case of blockchain technology is cryptocurrency.

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Speaker 1: So you usually when I'm having this kind of conversation,

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Speaker 1: I love to kind of have a first principles conversation

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Speaker 1: around the use case and the efficacy of blockchain technology.

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Speaker 1: Cryptocurrency is a use case of block pain. I'm will

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Speaker 1: Luca's Mrs Black Tech cream Money. I'm gonna chew this

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Speaker 1: you to some of the biggest names, some of the

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Speaker 1: brightest minds and brilliant ideas. I feel black and building,

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Speaker 1: but simply using tech to secure your back. This podcast

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Speaker 1: is for you. Kay is an n f T strategist

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Speaker 1: and founder at sting Rock Media, which helps companies all

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Speaker 1: over the world craft cultural experiences and events. A frequent

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Speaker 1: speaker on n f T related topics, Kayla is the

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Speaker 1: prolific investor and trusted voice on blockchain technologies. I spoke

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Speaker 1: with Kayla about the current n f T bear market

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Speaker 1: and investor outlook and what's happening in the world of

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Speaker 1: n f T s that gives investors like her hope.

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Speaker 1: I think number one is there's some really interesting examples

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Speaker 1: of really large brands out there that are doing a

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Speaker 1: fantastic job um. Two of which would be like Reddit,

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Speaker 1: um and uh Starbucks. And the interesting thing I would

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Speaker 1: say that they've done UM that's unique about their n

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Speaker 1: f T programs is that they're not even calling them

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Speaker 1: n f T s. They call them uh digital collectibles.

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Speaker 1: They're calling them it's just you know, uh Starbucks just

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Speaker 1: calls it their new like Odyssey rewards program UM. And

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Speaker 1: so I think that what a lot of groups are

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Speaker 1: doing right now is there they a lot of fintech solutions,

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Speaker 1: a lot of big brands. They have not slowed down

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Speaker 1: on adopting the technology UM, but they have tweaked the

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Speaker 1: way that they bring that technology to market UM and

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Speaker 1: what they're calling it. The technology is the same. People

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Speaker 1: just don't know that they're using it. And so I

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Speaker 1: think that's one of the big differences that I've been

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Speaker 1: seeing in the LATS a couple of months, is how

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Speaker 1: some of the big brands have been UM using mass

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Speaker 1: adoption with with blockchain and n f T. Can you

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Speaker 1: make a distinction because I've heard you use n f

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Speaker 1: T business before and like your tweets, you've you've you've

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Speaker 1: used that, you've used that phrase. Can you describe the

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Speaker 1: difference between like an n f T and n f

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Speaker 1: T project and an n f T business and if

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Speaker 1: there are others, can you describe the differences between those? Yeah,

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Speaker 1: So I think, like you know, I just described a

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Speaker 1: couple of companies that are natively web two companies that

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Speaker 1: are adopting blockchain technology. So they're kind of in this

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Speaker 1: like Web two point five UM space Web three companies

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Speaker 1: are companies that have started from the community first. So

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Speaker 1: a lot of times UM web two companies tend to

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Speaker 1: be like products driven, and so they'll create their product,

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Speaker 1: they'll create their m v P what's their minimal viable product,

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Speaker 1: and then they uh, you know, get a bunch of

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Speaker 1: VC money and go, you know, uh customer acquisition right

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Speaker 1: UM web three companies UM. Some that I might throw

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Speaker 1: as an example would be board A Yacht Clubs, so

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Speaker 1: like you Go Labs, UM Artifact which then got acquired

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Speaker 1: by Nike. UM are all community based companies. So they

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Speaker 1: started as a community, the community bought the token, the

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Speaker 1: n f T, and that was the startup. Those are

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Speaker 1: the startup finances for the company to continue to build

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Speaker 1: and develop as a company. UM. So it's really just

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Speaker 1: kind of the ethos of like how those two world

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Speaker 1: kind of use the technology. UM. I will say though

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Speaker 1: that there are the vast majority of n f T

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Speaker 1: companies out there are not great operators. So they tend

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Speaker 1: to get really excited and get the community really excited,

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Speaker 1: and um everyone buys the token and then they don't

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Speaker 1: have any operations. They don't actually have a value proposition.

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Speaker 1: They don't actually have a product that they that they

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Speaker 1: want to continue to develop on UM. And so that's

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Speaker 1: where a lot of Web three n f T companies

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Speaker 1: specifically kind of stumble and fall. Um what typically, what

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Speaker 1: typically do they have that makes people buy in? Celebrity status,

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Speaker 1: you know, great design, great art, like, what what makes

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Speaker 1: people buy into these things that have very bad business operations? Yeah?

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Speaker 1: I think that UM. A lot of these folks are marketers,

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Speaker 1: so they're really talented at marketing. They're really they're really talented.

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Speaker 1: The artwork UM is really attractive. UM. People love being

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Speaker 1: a part of something that other there's kind of this

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Speaker 1: like indie culture of folks not you know, oh I

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Speaker 1: know about I'm an early adopter, right n f T

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Speaker 1: Web three people love being like early adopters. So they

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Speaker 1: love being able to like be on the bleeding edge

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Speaker 1: of the next trend. UM. And so I think that

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Speaker 1: that in combination with the fact that people who if

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Speaker 1: they wanted to resell the n f T, they can

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Speaker 1: make money off of it. So you add those two

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Speaker 1: components together and making money culture tech uh, and it's

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Speaker 1: kind of a winning recipe. For people to to to

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Speaker 1: to buy into something. Uh, the problem is that they've

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Speaker 1: lost a lot of money along the way. Damn. Can

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Speaker 1: you describe more about the projects? What typically is a

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Speaker 1: thread between projects that are successful, that have that gave

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Speaker 1: them unique or innovative, you know, features that allowed them

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Speaker 1: to be successful other than the operation, which we'll talk

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Speaker 1: about mm hmm, yeah, great questions. So I think that, um,

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Speaker 1: some I call them at st Rock, we call them

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Speaker 1: value engines, And so you have to be really clear

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Speaker 1: on what exactly you're offering. What is the value proposition

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Speaker 1: for Sometimes you have some artists out there that it's

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Speaker 1: literally just art and that is the value problem. And

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Speaker 1: you've got to have the art and that's it and

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Speaker 1: it's beautiful. UM. And you know, the interesting thing is is,

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Speaker 1: as the market has kind of had a bit of

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Speaker 1: a downturn, art projects have performed better and maintained their

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Speaker 1: value better than the projects that promised you know, this

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Speaker 1: really fantastic road maps. UM. So that's that's been a

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Speaker 1: bit of an ironic and an interesting thing to see. UM.

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Speaker 1: But other than that, UM, I think that basically you're asking, like,

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Speaker 1: what makes um, some of these projects successful, some some

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Speaker 1: some successful projects. UM. I think it also comes down

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Speaker 1: to the funding and the runway. Uh. Some of these

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Speaker 1: projects raised a lot of money they UM through the

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Speaker 1: n f T, and they had the time to go

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Speaker 1: and acquire like talent to help them figure it out.

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Speaker 1: So some of them just had the runway to go,

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Speaker 1: like figure out what they were going to offer UM doodles,

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Speaker 1: for example, they hired uh, they hired uh uh Farrell

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Speaker 1: as their creative their chief creative officer UM. And so

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Speaker 1: between Doodles, you go labs, UM artifacts some of these

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Speaker 1: other big projects, they just simply had extra funding to

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Speaker 1: like help them figure out what they're gonna do. Some

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Speaker 1: of them have moved really aggressively into gaming because I

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Speaker 1: think that they think that that's like a really viable

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Speaker 1: business model going into the new year. When you are

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Speaker 1: looking at the team, who are who's building a product,

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Speaker 1: a project, even um building a community, what are you

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Speaker 1: looking for as an investor in n f T, Like

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Speaker 1: what kind of things give you signals that say, you

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Speaker 1: know what, this is likely going to be around a

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Speaker 1: while because these things are in place. Mm hmm. Yeah.

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Speaker 1: Number one, the team has to be docks. And by docks,

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Speaker 1: that just means they need to. They cannot be anonymous,

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Speaker 1: and so you have to be able to do your

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Speaker 1: due diligence to be able to look at Okay, great,

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Speaker 1: let's look at this person's LinkedIn profile. Let's look at

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Speaker 1: you know, what is their history of just part participating

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Speaker 1: in this like overall ecosystem, um over over a period

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Speaker 1: of time, so that's important. What's their background? UM? What

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Speaker 1: experience do they have. They're saying they're going to bring

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Speaker 1: a game, a metaverse game to market. Great, who on

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Speaker 1: the team has actually done that before? Um? Those those

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Speaker 1: are some of the things that you would do kind

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Speaker 1: of during your own personal due diligence process. I'm looking

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Speaker 1: at the community. How engaged is the community? Um? If

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Speaker 1: they are hosting a Twitter spaces on Twitter? Great, how

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Speaker 1: many people show up? How many people are engaged and

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Speaker 1: are asking questions during that Twitter space? Um? Another thing

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Speaker 1: would be to look at, um, you know, the team's important.

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Speaker 1: Um Uh what is the value prop? What is the

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Speaker 1: business model beyond the initial n f T sale? Because

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Speaker 1: if I think that a lot of people who aren't

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Speaker 1: attracted to n f T s and web three, they

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Speaker 1: tend to be UM kind of like libertarian uh from

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Speaker 1: a kind of political slant. Um in point of view, Um,

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Speaker 1: they don't want to be the product, which is why

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Speaker 1: they are happy to pay money up front, because they

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Speaker 1: don't like traditional social media platforms and so. Um. The

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Speaker 1: problem though is that again with some of these folks

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Speaker 1: who are running these projects, they're not great operators. Um.

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Speaker 1: All they know to do, all they know how to

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Speaker 1: do is sell n f t s to people. They

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Speaker 1: don't know how to create products. And therefore those same

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Speaker 1: people that don't want to be the product realize that

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Speaker 1: they end up being the product again because they're just

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Speaker 1: selling more n f t s two people. This is

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Speaker 1: so talk about the the value proposition because so often

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Speaker 1: when we hear about value propositions, Hey, your n f

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Speaker 1: T gets you in the door at this party, or

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Speaker 1: it gets you, you know, a ticket to you know,

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Speaker 1: meet me and have lunch face to face. Like what

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Speaker 1: are better things of avengers? I shouldn't say better, Like

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Speaker 1: what are other things of avengers that tickets to the

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Speaker 1: party that n f t s you know, really unique

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Speaker 1: opportunities have provided for those holders. Yeah. I think that Um,

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Speaker 1: with some of these I think that a lot of Um. Again, Uh,

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Speaker 1: the industry is so nascent right, and so a lot

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Speaker 1: of those business models are still being ironed up. When

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Speaker 1: we're talking to clients, were like, hey, look, n f

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Speaker 1: T s are not a business I wrote a tweet

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Speaker 1: about this too. Business n f T s are not

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Speaker 1: a business model within themselves. You already have to have

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Speaker 1: an established business model that n f T s can

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Speaker 1: be an added value layer to something that's already pre

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Speaker 1: existing you already. You need to know that the market

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Speaker 1: is there. You need to know that the solutions that

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Speaker 1: you provide are already there. UM. I'll give you an

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Speaker 1: example of one that we actually did UM for an

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Speaker 1: education higher education product UM. Essentially it was a membership

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Speaker 1: pass by your n f T. I think it's not

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Speaker 1: it's not too much different than UM, like a costco membership.

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Speaker 1: We have a network of partners of UM, you know,

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Speaker 1: online college, UM colleges around and universities around the country.

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Speaker 1: UM all Tier six or Tier five or higher accreditation.

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Speaker 1: They're in our network of schools that you can if

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Speaker 1: you have our n f T pass, you get access

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Speaker 1: to any of those schools you can enroll. Obviously you

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Speaker 1: still have to apply and get in, but assuming that

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Speaker 1: that happens, you get access to those college credits at

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Speaker 1: off of what retail is and so um similar. So

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Speaker 1: it's almost the idea if you're familiar with like Mark

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Speaker 1: Cuban's Cost Plus Drugs or if you're familiar with obviously

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Speaker 1: costco um it was like wholesale college online college courses

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Speaker 1: and so that was like a very um it was

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Speaker 1: a very tactical and practical um application of how you

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Speaker 1: have a membership pass uh that then translates into real

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Speaker 1: world savings for something that people want, which is, well,

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Speaker 1: some people want a college degree. And so you touched

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Speaker 1: on this a little bit about n F t Art

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Speaker 1: and that's one you know, vertical inside the n f

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Speaker 1: T space and it was super duper hot a year ago,

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Speaker 1: eighteen months ago, or any time in that window. Where

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Speaker 1: are we with just n F t art and beyond

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Speaker 1: the ones that have communities behind them, it's just a

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Speaker 1: pretty picture. Where are we today? Is there still value today?

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Speaker 1: If I'm a designer and I'm just a designer, I

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Speaker 1: may not be a community builder. Is there still value?

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Speaker 1: Is it still worth it for me to go to

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Speaker 1: open see and publish my thing. Well, with all of

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Speaker 1: these things, you still have to build a community because

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Speaker 1: it's we're at the end of the day, we're talking

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Speaker 1: economics and we're talking supply and demand, and that's that's

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Speaker 1: that's regardless of if you're an n f T artist.

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Speaker 1: That's that those rules apply even just in the regular

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Speaker 1: traditional art world as well. So UM, regardless of whatever

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Speaker 1: you're offering to the world, there's gonna there has to

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Speaker 1: be a buyer for it. So UM. So the the

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Speaker 1: value prop for um for artists. And I think the

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Speaker 1: reason why so many artists are attracted to n f

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Speaker 1: T s is because of the royalty component. And so

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Speaker 1: they're like, Okay, great, if I'm going to spend all

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Speaker 1: my my time and energy creating this piece of art,

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Speaker 1: I want to get as I want to be able

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Speaker 1: to extract and capture as much value from it as possible. UM.

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Speaker 1: And I think that that the smart contract, the royalties

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Speaker 1: and perpetuity is what attracts so many artists. So I

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Speaker 1: was having a conversation with a nonprofit um executive directors

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Speaker 1: think of think of it in the way of you know,

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Speaker 1: a zoo executive director or a metro park executive director,

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Speaker 1: and they were they were wondering what the value of

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Speaker 1: them could be with producing an n f T collection,

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Speaker 1: and you know, doing research online and learning about this,

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Speaker 1: you know, there's a there's an argument to there's no

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Speaker 1: secondary value or very little secondary value of holding that

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Speaker 1: n f T. Like, so, if if I'm buying the

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Speaker 1: n f T to support sustainability at my local park,

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Speaker 1: what is the value to the next person who may

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Speaker 1: want to buy that thing? So? Can you talk about

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Speaker 1: that concept and how to fix it? Yeah? So, so

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Speaker 1: two things I would say. One is, if you are

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Speaker 1: that type of organization or something like that, I'm actually

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Speaker 1: a really big fan of. Instead of the organization, especially

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Speaker 1: like a nonprofit, like actually did a talk about this

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Speaker 1: at n f T n y C. Literally, My argument

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Speaker 1: was that UM UM nonprofits should actually, instead of doing

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Speaker 1: their own projects, they should actually partner with artists. They

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Speaker 1: actually partner with folks who have a value prop that

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Speaker 1: extends beyond visiting you know, the rescue center or whatever

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Speaker 1: the case may be. UM because instead of like having

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Speaker 1: their own n f T project or perhaps doing it

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Speaker 1: in collaboration, now that that nonprofit entity can have their

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Speaker 1: wallet address written into the primary and secondary UM sales

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Speaker 1: of the of the chain in perpetuity UM being a

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Speaker 1: partner to organizations that do have a secondary uh driver

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Speaker 1: for for what's going to drive the secondary sales. So

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Speaker 1: that's actually that's that's typically the strategy that I actually

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Speaker 1: um usually talked. Could you give an example of what

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Speaker 1: that might look like. Yeah, Um, there's an n f

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Speaker 1: T called I'll give you a good example. I'll give

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Speaker 1: an example one that I I used literally use this

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Speaker 1: at n f T MC UM a case study of

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Speaker 1: this one project called Flower Girls, um. And they are

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Speaker 1: it's an artist. Her name is Eva something I forgot

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Speaker 1: her name. UM. So she comes from the traditional art world.

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Speaker 1: She has a huge community already. UM. Part of the

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Speaker 1: project is they wanted to make sure that they were

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Speaker 1: giving back to the community, so they give to women

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Speaker 1: and girls shelters. Um. And so as a part of

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Speaker 1: they have a gamified component where they have like you know,

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Speaker 1: I don't want to bore you to death, but it's

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Speaker 1: like they have seeds and these different it's like very garden,

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Speaker 1: you know, themed is the n f T. And so

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Speaker 1: they have like this game ified thing where you plant

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Speaker 1: your seeds and water the seeds and watch the flowers

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Speaker 1: grow and this whole thing. Right, Um, But as people

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Speaker 1: get into the game and they're playing it and they're

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Speaker 1: treating their n f t s back and forth. That's

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Speaker 1: the volume that's happening on the secondary um. And because

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Speaker 1: of the partnership they have with like the women shelters

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Speaker 1: and things like that, those nonprofit profits are are benefiting

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Speaker 1: um from all of the transactions happening on that on

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Speaker 1: that smart contract. So um, you had tweeted six months

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Speaker 1: ago maybe about you were you were at Basil at

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Speaker 1: art Basil, and you were talking about you wouldn't you

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Speaker 1: wouldn't believe that the world of crypto is falling apart

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Speaker 1: if you were in that environment, because the energy was

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Speaker 1: so palpable. I want to particularly talk about the you know,

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Speaker 1: the falling apart, you know part of that comment there,

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Speaker 1: and because there is a sense that crypto isn't what

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Speaker 1: it was cracked up to be. We were Some people

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Speaker 1: lost a bunch of money, you know, whether they were

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Speaker 1: where they aped into stuff and whatever. People lost money.

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Speaker 1: And there are some people who are really really big winners.

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Speaker 1: It just came out a couple of days ago. Peter

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Speaker 1: TiAl pulled out a bunch, you know, right before the

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Speaker 1: market crashed. And so how does he know who knows,

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Speaker 1: But the idea I wanted to discuss is what is

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Speaker 1: your take on the world of crypto and it's long

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Speaker 1: term value. So I think this is where I think

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Speaker 1: a lot of people could have a pretty bad misconception.

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Speaker 1: The base layer technology that we're talking about is blockchain technology.

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Speaker 1: The first use kid is the first the first born

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Speaker 1: child use case of blockchain technology is cryptocurrency. So usually

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Speaker 1: when I'm having this kind of conversation, I love to

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Speaker 1: kind of have a first principles conversation around the use

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Speaker 1: case and the efficacy of blockchain technology. Cryptocurrency is a

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Speaker 1: use case of blockchain So, um, cryptocurrency is not going anywhere.

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Speaker 1: This is I think a lot of people. So if

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Speaker 1: you go back and kind of do some history, um,

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Speaker 1: seventeen was the last time that there was a really

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Speaker 1: big influx of users and and and onboardings into the

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Speaker 1: block blockchain and crypto space. One was just the last

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Speaker 1: most recent version of that. So um, if you look

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Speaker 1: back at any of the trading charts since the beginning

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Speaker 1: of Bitcoin in two thousand nine and ethereum in two thousand,

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Speaker 1: I think it was like twelve. I think, Um, this

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Speaker 1: this kind of rise and fall is normal to be

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Speaker 1: quite frank, and you don't lose money if you don't sell.

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Speaker 1: So there's no such thing as there's There are realized

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Speaker 1: gains and realized losses um. And so everyone who has

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Speaker 1: held and gone through um all of these cycles over

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Speaker 1: the last decade have gained so UM. So if we're

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Speaker 1: looking it really depends on what perspective. Perspective your chart

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Speaker 1: is that you're looking at your chart, um. But if

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Speaker 1: you're looking at in the last filled months, well then yeah,

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Speaker 1: everyone's crying right now. But if you look at the

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Speaker 1: next three years until the next bitcoint goole cycle, UM,

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Speaker 1: if you hold, perhaps you'd be giving people kiss. Cryptole

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Speaker 1: goes up, crypto goes down. Some people believe us all

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Speaker 1: the fantasy in the first place, and others are true believers. Myself,

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Speaker 1: I foundationally believe that there will be a mainstream digital

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Speaker 1: currency now, whether it's ethereum or bitcoin or some other

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00:20:11,760 --> 00:20:14,720
Speaker 1: actions yet to be seen. But I do believe at

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Speaker 1: my core that there will be a digital currency that

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Speaker 1: is widely accepted. Is this then a good base idea

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Speaker 1: for investing k Let's peaks on it. Yeah, No, I

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Speaker 1: I agree wholeheartedly. Um. That is the question back in

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Speaker 1: two thousand and seventeen. Uh, it's what we called like

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Speaker 1: the I c O boom um um uh initial exactly.

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Speaker 1: And so there are a lot of really terrible projects

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Speaker 1: out that didn't do anything, and so the same it was.

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Speaker 1: I mean just look at the you know, copying paste.

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Speaker 1: What happened in one is the exact same thing that

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Speaker 1: happened back then. Um, you got a lot of people

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Speaker 1: excited about making money. Nobody actually wanted to provide value

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Speaker 1: to the marketplace. Cool, it was a big bubble, it popped, um,

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Speaker 1: but the real players I do feel confident. Um, bitcoin

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Speaker 1: is the most Like if you were to look at

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Speaker 1: this on like a on a on a on a

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Speaker 1: line and look at you know, on one end you

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Speaker 1: have the most decentralized blockchain, and then on another end

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Speaker 1: of the spectrum, you have, um, the least decentralized blockchain.

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Speaker 1: Let's describe what that means for people who may not

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Speaker 1: get centralizing. Decentralized means before you go too far. Yeah,

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Speaker 1: so decentralization is it's really like the reason why blockchain

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Speaker 1: was created in the first place. I don't want to

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Speaker 1: go to in the history, but the reason why bitcoin

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Speaker 1: was created was out of the housing crisis of two

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Speaker 1: thousand and eight. Essentially, the idea that we were as

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Speaker 1: as you know, my parents put their money into real estate,

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Speaker 1: put their money into therefore one case, as you know,

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Speaker 1: that's what everyone was told to do, is like the

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Speaker 1: safe way to invest your money. UM. And yet you

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Speaker 1: have banking bankers who do UM uh fractional reserve banking. Right,

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Speaker 1: they're allowed to leverage the funds of inside of you know,

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Speaker 1: your bank account. You put your money into the bank

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Speaker 1: UM or into some type of investment vehicle. They take

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Speaker 1: those funds, invest them, they give you a percentage back

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Speaker 1: of what they make. Right basically how it works. They

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Speaker 1: lost their money, they were doing really risky UM investments UM,

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Speaker 1: and they lost your money. They lost your investment UM

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Speaker 1: and so essentially because of that, the value of you know,

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Speaker 1: putting your money into those investments. So anyways, long story short,

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Speaker 1: the person or people Satoshi Nakamoto who created bitcoin was

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Speaker 1: piste off and was like, UM, instead of putting our

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00:22:39,200 --> 00:22:42,359
Speaker 1: money in the hands of the government, we want to

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Speaker 1: be self sovereign and control my own value, and so

404
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Speaker 1: I created UM bitcoin and UM. The idea of decentralization

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Speaker 1: is that no one entity. Most centralized currencies are you know, uh,

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Speaker 1: you know, central bank or central reserve issues that currency.

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Speaker 1: The I D is that no centralized entity UM issues

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Speaker 1: the currency. And it's also deflationary because there is a

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Speaker 1: max supply. So the idea is that, um, you can

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Speaker 1: print more, you cannot print you cannot print more bitcoin,

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Speaker 1: and so over time, as more people adopt and use it,

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Speaker 1: it becomes more and more valuable. And what you were

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Speaker 1: saying previous to that was if you look at the

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Speaker 1: bitcoin on a line and you you were going to

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Speaker 1: go down the trajector, I would't. I wouldn't bring you

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Speaker 1: back to that. Yeah, exactly. So in a spectrum of

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Speaker 1: like most decentralized is bitcoin, Um, you have a bunch

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Speaker 1: of different validators all around the world. Um. You think

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Speaker 1: about a WS and they have like centralized hubs where

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Speaker 1: there's where their servers live. And that's why AWS is

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Speaker 1: able to provide you know, hosting services to companies all

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Speaker 1: around the world. UM, imagine a WUS. But like AWS

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Speaker 1: doesn't own all those servers. We do right as as

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Speaker 1: just individual people. I can run a validator on my

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Speaker 1: computer right now. You can run a validator on your

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Speaker 1: we're all keeping Bitcoin running. UM, no one owns it. Essentially,

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Speaker 1: no one person and no one entity owns it. So

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Speaker 1: that's what decentralization means. On the other end of the spectrum,

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Speaker 1: because people have seen how valuable these networks are. UM,

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Speaker 1: you have companies that have you know, created their own blockchain,

431
00:24:19,920 --> 00:24:25,040
Speaker 1: which means it is aws essentially and so UM. It's

432
00:24:25,080 --> 00:24:27,520
Speaker 1: this is why it's so important to understand and to

433
00:24:27,600 --> 00:24:30,440
Speaker 1: really be educated on the the a b c's of

434
00:24:30,520 --> 00:24:33,640
Speaker 1: blockchain and why it was created in the first place. UM.

435
00:24:33,680 --> 00:24:36,320
Speaker 1: So going back to your original question of like what

436
00:24:36,400 --> 00:24:40,640
Speaker 1: block chains are going to survive over time, I think

437
00:24:40,680 --> 00:24:43,399
Speaker 1: bitcoin is a really good bet simply because it's the

438
00:24:43,440 --> 00:24:47,120
Speaker 1: most decentralized no one controls it. UM. That's also why

439
00:24:47,160 --> 00:24:49,320
Speaker 1: bitcoin is also the hardest to build on top of

440
00:24:49,560 --> 00:24:51,480
Speaker 1: because no one controls it and no one is in

441
00:24:51,560 --> 00:24:54,880
Speaker 1: charge of actually maintaining like the technology is fantastic. There

442
00:24:54,960 --> 00:24:59,960
Speaker 1: Bitcoin UM foundations and you know dows decentralised autonomous organization

443
00:25:00,000 --> 00:25:04,040
Speaker 1: sans UM that vote and have governance and say, okay, great,

444
00:25:04,040 --> 00:25:06,120
Speaker 1: we're going to vote to agree to upgrade this part

445
00:25:06,119 --> 00:25:09,560
Speaker 1: of the network. UM. But no one owns it, and

446
00:25:09,640 --> 00:25:13,399
Speaker 1: so Bitcoin is really safe. In my opinion, Ethereum is

447
00:25:13,400 --> 00:25:15,199
Speaker 1: also really good. Ethereum is kind of the middle of

448
00:25:15,240 --> 00:25:20,720
Speaker 1: the road. They're they're decentralized enough in my perspective. Uh,

449
00:25:20,760 --> 00:25:23,359
Speaker 1: but you also have people who are really intentionally building

450
00:25:23,400 --> 00:25:25,840
Speaker 1: on top of it. So you've got a bunch of

451
00:25:25,880 --> 00:25:27,840
Speaker 1: companies n f T s. Let's talk about n f

452
00:25:27,880 --> 00:25:30,679
Speaker 1: t s for example. People are not building n f

453
00:25:30,720 --> 00:25:32,720
Speaker 1: t s on top of Bitcoin. People are building n

454
00:25:32,760 --> 00:25:35,600
Speaker 1: f t s on top of Ethereum. So it's it's

455
00:25:35,720 --> 00:25:38,040
Speaker 1: it's just an interesting use case to look at. Okay, well,

456
00:25:38,080 --> 00:25:40,760
Speaker 1: what how are people using the technology? And more and

457
00:25:40,760 --> 00:25:44,760
Speaker 1: more companies um are are using Ethereum. So those are

458
00:25:44,800 --> 00:25:48,840
Speaker 1: some of the blockchains I think are our safe butts.

459
00:25:49,359 --> 00:25:51,720
Speaker 1: And so there are people who are still excited about

460
00:25:51,840 --> 00:25:55,760
Speaker 1: purchasing n f t s. And since we're talking about decentralization,

461
00:25:56,240 --> 00:25:58,040
Speaker 1: you could hold you could put an n f T

462
00:25:58,240 --> 00:26:03,000
Speaker 1: on a WS and because you're just referencing it, right

463
00:26:03,200 --> 00:26:05,679
Speaker 1: the artwork, Yes, you're referencing the artwork. So can you

464
00:26:05,720 --> 00:26:08,840
Speaker 1: talk about the value in knowing where your n f

465
00:26:08,960 --> 00:26:14,520
Speaker 1: T the artwork is is hosted? Sure, Yeah, that's okay,

466
00:26:14,520 --> 00:26:19,240
Speaker 1: that's a good question. I to two parts to that.

467
00:26:19,359 --> 00:26:22,560
Speaker 1: One is that I don't know that that is necessarily

468
00:26:22,640 --> 00:26:25,320
Speaker 1: like the artwork in the same way that people can

469
00:26:25,359 --> 00:26:29,240
Speaker 1: like copy and copy in um like download the artwork.

470
00:26:29,640 --> 00:26:32,600
Speaker 1: I don't know that that's actually the value of the

471
00:26:32,720 --> 00:26:36,000
Speaker 1: n f T. It's really the serial number. So like

472
00:26:36,040 --> 00:26:38,960
Speaker 1: even if the artwork itself is not on chain, if

473
00:26:38,960 --> 00:26:41,240
Speaker 1: it's hosted being hosted on like I, uh, you know

474
00:26:41,640 --> 00:26:44,640
Speaker 1: Piniata for example, we've used to pinata as a service

475
00:26:44,680 --> 00:26:47,760
Speaker 1: to host the artwork and things like that. Um, it's

476
00:26:47,800 --> 00:26:51,119
Speaker 1: really about like the artwork tied to the tied to

477
00:26:51,160 --> 00:26:55,479
Speaker 1: the serial number, almost like the certificate of authenticity if

478
00:26:55,520 --> 00:26:59,600
Speaker 1: you will, that it that does live on chain. So um,

479
00:26:59,640 --> 00:27:02,159
Speaker 1: there are some projects that are like our artwork is

480
00:27:02,200 --> 00:27:08,080
Speaker 1: on chain. Cool, Okay, that's fine, that's uh sure if

481
00:27:08,080 --> 00:27:11,520
Speaker 1: that tickles your fancy. UM, I personally care to know

482
00:27:11,600 --> 00:27:15,879
Speaker 1: that that artwork tied to the serial number. That's what

483
00:27:15,960 --> 00:27:18,840
Speaker 1: I care about, is the serial number that says this

484
00:27:18,960 --> 00:27:22,040
Speaker 1: serial number owns that artwork. As long as that serial

485
00:27:22,080 --> 00:27:25,600
Speaker 1: numbers on chain, that's personally what I care about. And

486
00:27:25,680 --> 00:27:28,200
Speaker 1: so I want to talk about your company a little bit,

487
00:27:28,240 --> 00:27:32,240
Speaker 1: and you you help companies and organizations grow and manage

488
00:27:32,520 --> 00:27:35,120
Speaker 1: you know, the communities that they that they are desiring,

489
00:27:35,119 --> 00:27:39,080
Speaker 1: even hybrid communities that they're desiring to collect UM, what

490
00:27:39,200 --> 00:27:42,399
Speaker 1: are ways that companies and organists that are not super

491
00:27:42,400 --> 00:27:47,960
Speaker 1: sophisticated can you know, use the blockchain to engage their people.

492
00:27:49,040 --> 00:27:52,560
Speaker 1: We really think about it UM in from the from

493
00:27:52,560 --> 00:27:56,679
Speaker 1: the standpoint of community, and actually talked about this at afrotech.

494
00:27:56,720 --> 00:28:00,520
Speaker 1: I talked about how can as a consumer, how do

495
00:28:00,560 --> 00:28:02,920
Speaker 1: you get the most out of your consumption? As a creator,

496
00:28:02,960 --> 00:28:05,159
Speaker 1: how do you capture as much value out of what

497
00:28:05,200 --> 00:28:07,600
Speaker 1: you're creating? UM? And then as a community and as

498
00:28:07,640 --> 00:28:11,439
Speaker 1: an ecosystem, how do you have your your incentives aligned? UH?

499
00:28:11,480 --> 00:28:14,840
Speaker 1: And I think that that's ultimately UM. How we think

500
00:28:14,840 --> 00:28:18,359
Speaker 1: about it is how do we create ecosystems and communities

501
00:28:18,400 --> 00:28:24,800
Speaker 1: where it's a sustainable community, where all incentives are aligned. UM.

502
00:28:24,880 --> 00:28:26,720
Speaker 1: I really like, I really like the use case of

503
00:28:26,760 --> 00:28:31,600
Speaker 1: memberships personally. UM. The idea of creating like a parent

504
00:28:31,840 --> 00:28:34,320
Speaker 1: n f T is how I typically call it UM.

505
00:28:34,359 --> 00:28:36,600
Speaker 1: Going back to let's let's for example, go back to

506
00:28:36,800 --> 00:28:39,400
Speaker 1: the example of like the higher education project that we did,

507
00:28:40,080 --> 00:28:42,680
Speaker 1: there was a parent n f T and that parent

508
00:28:42,840 --> 00:28:45,160
Speaker 1: n f T basically produced two other n f t

509
00:28:45,280 --> 00:28:47,840
Speaker 1: s every year, and that n f T was your

510
00:28:48,520 --> 00:28:51,760
Speaker 1: access that you could burn to you know, uh, get

511
00:28:51,800 --> 00:28:56,280
Speaker 1: your discount, claim your discount for each semester um. Because

512
00:28:56,480 --> 00:28:58,880
Speaker 1: that that n f T, that second child n f

513
00:28:58,920 --> 00:29:01,760
Speaker 1: T was decoupled from the parent one. Now you have

514
00:29:01,840 --> 00:29:05,200
Speaker 1: the control as a consumer to say, Okay, great, I

515
00:29:05,360 --> 00:29:08,880
Speaker 1: want to be a member of this group, but I

516
00:29:08,880 --> 00:29:11,640
Speaker 1: don't necessarily plan on using the benefits of being a

517
00:29:11,680 --> 00:29:15,200
Speaker 1: member of this group today. So because I have my

518
00:29:15,600 --> 00:29:17,280
Speaker 1: n f t s, my other n f t s

519
00:29:17,520 --> 00:29:20,800
Speaker 1: that represent the benefits of my membership, I can store

520
00:29:20,840 --> 00:29:24,480
Speaker 1: them away and use them later, or I can sell them,

521
00:29:24,720 --> 00:29:27,560
Speaker 1: or I can gift them. And so it's giving people

522
00:29:27,680 --> 00:29:29,959
Speaker 1: in your in your in your community, and in your

523
00:29:30,000 --> 00:29:35,480
Speaker 1: membership organization more control and in fact more value for

524
00:29:35,640 --> 00:29:39,520
Speaker 1: being a member within your organization or or within your community.

525
00:29:39,520 --> 00:29:41,920
Speaker 1: So that's typically kind of the way that we think

526
00:29:41,920 --> 00:29:44,120
Speaker 1: about U n f t s, at least at this stage.

527
00:29:45,000 --> 00:29:48,360
Speaker 1: There's things like ticketing for events. There's a lot of

528
00:29:48,360 --> 00:29:50,880
Speaker 1: other use cases that we're that we're kind of exploring

529
00:29:50,920 --> 00:29:53,760
Speaker 1: with as well. Um, but I just know for myself

530
00:29:53,800 --> 00:29:55,800
Speaker 1: as a consumer, I'm like Okay, Well, if I own

531
00:29:55,840 --> 00:29:58,000
Speaker 1: this on chain and the only way that I can

532
00:29:58,040 --> 00:30:00,440
Speaker 1: extract value from it is by selling the n f T,

533
00:30:00,560 --> 00:30:01,800
Speaker 1: well I don't want to sell the parent n f

534
00:30:01,840 --> 00:30:04,640
Speaker 1: T because that's like how I continue to get benefits.

535
00:30:05,040 --> 00:30:06,440
Speaker 1: And so you have to be able to extract and

536
00:30:06,520 --> 00:30:09,840
Speaker 1: decouple the main membership n f T from all the

537
00:30:09,840 --> 00:30:23,360
Speaker 1: benefits that you get from that n f T. Particularly

538
00:30:23,400 --> 00:30:27,320
Speaker 1: because we've brought up organizations. I'm interested in your take

539
00:30:27,400 --> 00:30:31,160
Speaker 1: on because if you've got a token out there and

540
00:30:31,200 --> 00:30:34,160
Speaker 1: you can't control whether somebody resells it, you can't control,

541
00:30:34,360 --> 00:30:36,280
Speaker 1: you know, how you distribute them in the first place.

542
00:30:36,400 --> 00:30:39,840
Speaker 1: People can apply to be able to purchase, but the

543
00:30:39,880 --> 00:30:43,000
Speaker 1: resale is up to you or me, right, And so

544
00:30:43,400 --> 00:30:47,080
Speaker 1: if we create a project that says we want to

545
00:30:47,120 --> 00:30:49,880
Speaker 1: save the whales, I'm making I'm making this up. We

546
00:30:49,960 --> 00:30:53,040
Speaker 1: want to save the whales. And now you've and we've

547
00:30:53,080 --> 00:30:55,720
Speaker 1: all bonded together to create this thing we've all got

548
00:30:55,720 --> 00:30:58,280
Speaker 1: in n f T, I decide I don't like whales anymore,

549
00:30:58,760 --> 00:31:01,640
Speaker 1: so I'm gonna sell it to a killer, Like how

550
00:31:01,680 --> 00:31:05,080
Speaker 1: do you protect That's a very gruesome way to set

551
00:31:05,120 --> 00:31:09,000
Speaker 1: this up, But how do you put all the all

552
00:31:09,040 --> 00:31:12,240
Speaker 1: the po folks are gonna come. Like, how do you

553
00:31:12,320 --> 00:31:15,400
Speaker 1: protect the community is let's say we're creating anyone for

554
00:31:15,440 --> 00:31:18,560
Speaker 1: all black techies, and now you've got people who are

555
00:31:18,600 --> 00:31:21,840
Speaker 1: not you know, even allies, who are buying this thing

556
00:31:21,880 --> 00:31:25,200
Speaker 1: because somebody sold them. Yeah, that's a really good question.

557
00:31:26,000 --> 00:31:30,640
Speaker 1: So this is UM. Last year, UM, there was so

558
00:31:31,320 --> 00:31:34,120
Speaker 1: Vitalic P. Terran, who's one of the creators of the

559
00:31:34,160 --> 00:31:38,360
Speaker 1: Ethereum blockchain, wrote a white paper called UM talking about

560
00:31:38,520 --> 00:31:43,320
Speaker 1: s bt s or soul bounds tokens and UM it's

561
00:31:43,360 --> 00:31:47,600
Speaker 1: basically a non sellable n f T. And so this

562
00:31:47,680 --> 00:31:50,480
Speaker 1: is a really good use case for things like that

563
00:31:50,520 --> 00:31:53,840
Speaker 1: you probably shouldn't sell, like your social Security number or

564
00:31:53,880 --> 00:31:57,280
Speaker 1: your driver's license or your passport. UM. These are things

565
00:31:57,280 --> 00:32:00,560
Speaker 1: that are unique identifiers to an individual. UM. So that

566
00:32:00,680 --> 00:32:05,600
Speaker 1: actually allows an individual to create an identity based off

567
00:32:05,640 --> 00:32:08,960
Speaker 1: of data on chain. Right like right now, when we

568
00:32:09,000 --> 00:32:12,240
Speaker 1: think about like, you know, identities and with the metaverse

569
00:32:12,280 --> 00:32:14,160
Speaker 1: and web three, we're thinking about the p FP that

570
00:32:14,400 --> 00:32:17,840
Speaker 1: pick the picture that are what about the actual substance

571
00:32:18,040 --> 00:32:21,320
Speaker 1: of the person UM And that's where soul bound tokens

572
00:32:21,360 --> 00:32:25,000
Speaker 1: come into play. And so we've actually been Um, we're

573
00:32:25,040 --> 00:32:26,960
Speaker 1: kind of in the process right now of of of

574
00:32:27,240 --> 00:32:30,960
Speaker 1: of creating a couple of use cases around spt s UM,

575
00:32:30,960 --> 00:32:33,640
Speaker 1: and I think that that's a solution for something that

576
00:32:33,680 --> 00:32:36,560
Speaker 1: you're talking about that actually again kind of goes back

577
00:32:36,600 --> 00:32:39,040
Speaker 1: to the model that I was just describing of like cool,

578
00:32:39,280 --> 00:32:42,680
Speaker 1: now that you're in you're cemented into this group, and

579
00:32:43,440 --> 00:32:45,520
Speaker 1: now you get these other like kid n f t

580
00:32:45,680 --> 00:32:50,080
Speaker 1: s that represent your membership, so you can sell those things, um,

581
00:32:50,120 --> 00:32:53,320
Speaker 1: but you can't sell the SPT that is tied to you.

582
00:32:53,480 --> 00:32:55,560
Speaker 1: So maybe you still have like a you know, maybe

583
00:32:55,560 --> 00:32:57,760
Speaker 1: only one a thousand people in your group. And when

584
00:32:57,800 --> 00:32:59,760
Speaker 1: someone says, hey, I no longer want to be a member,

585
00:33:00,200 --> 00:33:03,520
Speaker 1: great you can burn. You can have a burning mechanism

586
00:33:03,520 --> 00:33:06,000
Speaker 1: that burns so that they're no longer an active member

587
00:33:06,080 --> 00:33:09,080
Speaker 1: within your community. Um. And then now you have a

588
00:33:09,120 --> 00:33:11,680
Speaker 1: spot that's open and available for someone else. But then

589
00:33:11,760 --> 00:33:13,680
Speaker 1: you have a vetting process and maybe some kind of

590
00:33:13,720 --> 00:33:16,520
Speaker 1: application process to see if you want them in your group.

591
00:33:17,280 --> 00:33:20,480
Speaker 1: If you're looking at the ocean of opportunity, are still

592
00:33:20,520 --> 00:33:23,920
Speaker 1: out there to be had by innovators. When you think

593
00:33:23,920 --> 00:33:27,800
Speaker 1: about black techys and black innovators, where should we be

594
00:33:27,880 --> 00:33:30,920
Speaker 1: looking for our lane when it when it comes to

595
00:33:30,920 --> 00:33:32,880
Speaker 1: the blockchain, not just n f t s and not

596
00:33:32,920 --> 00:33:35,760
Speaker 1: just cryptocurcy, but the blockchain and that ahole. Where would

597
00:33:35,760 --> 00:33:37,440
Speaker 1: you like to see more of us and make that

598
00:33:37,480 --> 00:33:42,280
Speaker 1: case please? Yeah? I think that there's still um what

599
00:33:42,440 --> 00:33:44,680
Speaker 1: is it? What is this saying that? Like when when

600
00:33:44,680 --> 00:33:49,400
Speaker 1: there's a gold rush, UM, sell sell thee Yeah, yeah exactly,

601
00:33:50,080 --> 00:33:52,520
Speaker 1: there's still plenty of picks and shovels to to be

602
00:33:52,640 --> 00:33:57,200
Speaker 1: sell sold. So UM. Most of the biggest winners UM

603
00:33:57,280 --> 00:34:01,520
Speaker 1: in this most recent uh you know, UM bull cycle,

604
00:34:02,080 --> 00:34:06,040
Speaker 1: it was open Sea. Who's a marketplace. It was the

605
00:34:06,120 --> 00:34:10,400
Speaker 1: exchanges who were just essentially selling you and creating tools

606
00:34:10,440 --> 00:34:13,680
Speaker 1: for you to buy and sell crypto. UM. Those were

607
00:34:13,719 --> 00:34:16,000
Speaker 1: the companies that did the best. And so when I

608
00:34:16,080 --> 00:34:19,200
Speaker 1: think about even the tools and products that we're thinking

609
00:34:19,239 --> 00:34:22,600
Speaker 1: about building ourselves, it's okay, great, what are the what

610
00:34:22,680 --> 00:34:25,240
Speaker 1: are the SaaS products that make it easier for people

611
00:34:25,280 --> 00:34:28,480
Speaker 1: to UM build on create the tools to help other

612
00:34:28,480 --> 00:34:32,680
Speaker 1: people build and so UM, whether that's logistics UM, I

613
00:34:32,719 --> 00:34:37,560
Speaker 1: think uh, like I think FedEx and ups um are

614
00:34:37,600 --> 00:34:41,200
Speaker 1: creating their own internal block chains UM to help them

615
00:34:41,280 --> 00:34:46,080
Speaker 1: not a cryptocurrency simply just blockchain to help them with logistics. UM.

616
00:34:46,160 --> 00:34:49,920
Speaker 1: I know that Amazon's creating their own coin. UM. A

617
00:34:49,920 --> 00:34:52,440
Speaker 1: lot of companies are creating this so and I think

618
00:34:52,440 --> 00:34:54,239
Speaker 1: one of the biggest issues is helping more and more

619
00:34:54,280 --> 00:34:58,359
Speaker 1: people to onboard successfully and quickly. UM. And they're being

620
00:34:58,440 --> 00:35:02,839
Speaker 1: less friction so security measures. UM. These are all things

621
00:35:02,880 --> 00:35:05,120
Speaker 1: that you can just honestly just try to sign up

622
00:35:05,120 --> 00:35:07,840
Speaker 1: for meta mask and discover like five businesses that you

623
00:35:07,880 --> 00:35:11,280
Speaker 1: could probably make because you're like, take, this process sucks,

624
00:35:11,600 --> 00:35:16,319
Speaker 1: so uh, there's lots of opportunity. And because you just

625
00:35:16,320 --> 00:35:18,120
Speaker 1: said that, because I love that you just said, because

626
00:35:18,160 --> 00:35:20,560
Speaker 1: you know this process sucks quote unquote, because it was

627
00:35:20,600 --> 00:35:24,000
Speaker 1: a quote I think it was Paul Graham. It might

628
00:35:24,040 --> 00:35:26,000
Speaker 1: have been Paul Graham, might have been Market Injuries who

629
00:35:26,000 --> 00:35:29,799
Speaker 1: talked about, you know, there is the wealth is made

630
00:35:29,840 --> 00:35:34,640
Speaker 1: before the user interface is actually easy to use. That's

631
00:35:34,640 --> 00:35:36,560
Speaker 1: not that's not the actual words to use, but that's

632
00:35:36,600 --> 00:35:39,319
Speaker 1: the point he was making. And so when the user

633
00:35:39,400 --> 00:35:42,760
Speaker 1: interface is super easy, the people who were a billion

634
00:35:42,840 --> 00:35:48,400
Speaker 1: things have already made their money, right, And so it

635
00:35:48,520 --> 00:35:51,200
Speaker 1: was very difficult. It was a strong learning curve for

636
00:35:51,280 --> 00:35:55,080
Speaker 1: so many people just to figure out what the blockchain was,

637
00:35:55,800 --> 00:36:00,040
Speaker 1: and so how do you admonish people to not be

638
00:36:00,080 --> 00:36:02,840
Speaker 1: afraid to jump into this thing? You start talking about wallets.

639
00:36:03,080 --> 00:36:04,920
Speaker 1: Now you got hot wallets and cold while let's talk

640
00:36:04,960 --> 00:36:07,600
Speaker 1: about meta mass, talk about you know, coin base, and

641
00:36:07,600 --> 00:36:09,680
Speaker 1: all you see is bad news, bad news, bad news.

642
00:36:10,080 --> 00:36:13,680
Speaker 1: How do you, um, how do you preach this to

643
00:36:13,760 --> 00:36:19,080
Speaker 1: where there's easy entrees into these opportunities? Well, I don't,

644
00:36:19,120 --> 00:36:22,040
Speaker 1: I don't. I don't. Necessarily I'm not going to encourage

645
00:36:22,040 --> 00:36:24,120
Speaker 1: for it to be easy, because I think to your point,

646
00:36:24,280 --> 00:36:26,719
Speaker 1: it's in the it's in the friction where the where

647
00:36:26,760 --> 00:36:30,600
Speaker 1: the fortunes are made, right like, um, it's it's being

648
00:36:30,600 --> 00:36:34,400
Speaker 1: able to come up with the you know, the technology

649
00:36:34,440 --> 00:36:38,239
Speaker 1: that makes the smooth paved road, um for everyone else

650
00:36:38,280 --> 00:36:41,799
Speaker 1: to be able to follow after you. Um. So I

651
00:36:41,840 --> 00:36:45,120
Speaker 1: think that it is, you know, number one, what is

652
00:36:45,200 --> 00:36:48,960
Speaker 1: your expertise, where are you good at naturally, what are

653
00:36:48,960 --> 00:36:52,200
Speaker 1: you doing currently that makes you money great? Identify that

654
00:36:52,800 --> 00:36:55,760
Speaker 1: and then as you start exploring. We have a community,

655
00:36:55,800 --> 00:36:58,200
Speaker 1: so people are welcome to join that and to join

656
00:36:58,239 --> 00:37:02,280
Speaker 1: our community, but it's really focused on helping other people

657
00:37:02,280 --> 00:37:05,240
Speaker 1: who are builders in Web two to start becoming builders

658
00:37:05,239 --> 00:37:08,719
Speaker 1: and Web three and so um, yeah, we go through

659
00:37:08,719 --> 00:37:10,239
Speaker 1: the basics. We go a lot of the stuff we

660
00:37:10,239 --> 00:37:12,440
Speaker 1: talked about on this right on this on this episode

661
00:37:12,480 --> 00:37:16,360
Speaker 1: of what is the blockchain? What's decentralization? Why does decentralization matter?

662
00:37:17,239 --> 00:37:20,480
Speaker 1: This is literally this technology was built out of philosophy.

663
00:37:20,560 --> 00:37:23,080
Speaker 1: So if you don't understand the philosophy of it, um,

664
00:37:23,120 --> 00:37:25,280
Speaker 1: it's gonna be hard to wrap your mind around why

665
00:37:25,360 --> 00:37:29,920
Speaker 1: the technology even is is so fiction filled to begin with, Well,

666
00:37:29,920 --> 00:37:32,480
Speaker 1: why don't we just do well because it's not decentralized.

667
00:37:32,520 --> 00:37:35,080
Speaker 1: You asked the question, well, why isn't the artwork on chain?

668
00:37:35,160 --> 00:37:38,480
Speaker 1: Well does that matter? Right? Like, these are all the

669
00:37:38,520 --> 00:37:40,800
Speaker 1: things that you have to kind of like start taking

670
00:37:40,840 --> 00:37:44,799
Speaker 1: those baby steps and understanding I'm getting your hands dirty. Um.

671
00:37:44,840 --> 00:37:46,560
Speaker 1: I think that's the thing is just don't be afraid.

672
00:37:46,600 --> 00:37:50,640
Speaker 1: I started this in UM at the end of seventeen,

673
00:37:51,080 --> 00:37:55,320
Speaker 1: I dove deep into n f T or to blockchain technology,

674
00:37:55,600 --> 00:38:01,239
Speaker 1: started investing lost money. UM help parents, you know you

675
00:38:01,280 --> 00:38:04,359
Speaker 1: got a little bit it is it is right like,

676
00:38:04,400 --> 00:38:06,520
Speaker 1: and they're like, Okay, well I made a mistake, you know.

677
00:38:06,640 --> 00:38:08,160
Speaker 1: And it's not like I had a lot of money

678
00:38:08,160 --> 00:38:10,520
Speaker 1: at the time, so it was just being willing but

679
00:38:10,640 --> 00:38:14,520
Speaker 1: part of part of this experience is the value of learning.

680
00:38:14,840 --> 00:38:17,239
Speaker 1: And so if you're willing to kind of um, not

681
00:38:17,280 --> 00:38:18,839
Speaker 1: to say that you need to be willing to lose

682
00:38:18,880 --> 00:38:22,400
Speaker 1: money in order in order to learn, but um, but

683
00:38:22,400 --> 00:38:23,960
Speaker 1: but you know, you gotta be able to be in

684
00:38:24,040 --> 00:38:26,680
Speaker 1: community with other people who are committed to learning about

685
00:38:26,680 --> 00:38:29,239
Speaker 1: this space as well, and it's they're what they're learning

686
00:38:29,280 --> 00:38:30,960
Speaker 1: is going to rub off on you as well. It's

687
00:38:31,000 --> 00:38:33,960
Speaker 1: interesting you say that, and because I've heard so many

688
00:38:34,040 --> 00:38:37,239
Speaker 1: people say almost the opposite about it's not so far

689
00:38:37,280 --> 00:38:38,880
Speaker 1: a departure from what you just said. Is like you

690
00:38:38,920 --> 00:38:41,879
Speaker 1: do have to just get in to figure it out.

691
00:38:41,880 --> 00:38:43,360
Speaker 1: Like if you're spending your all your time on the

692
00:38:43,440 --> 00:38:45,680
Speaker 1: sideline reading books and you just have to get in,

693
00:38:45,800 --> 00:38:48,200
Speaker 1: you have to buy something by you know, an n

694
00:38:48,280 --> 00:38:50,440
Speaker 1: f T or you know, convert some money over to

695
00:38:50,680 --> 00:38:54,000
Speaker 1: etherory or whoever. So I'm going to give you a

696
00:38:54,000 --> 00:38:55,719
Speaker 1: couple of different examples, and i want you to tell

697
00:38:55,719 --> 00:38:57,360
Speaker 1: me what you would do. So you got a hundred

698
00:38:57,400 --> 00:39:00,759
Speaker 1: dollars and we do that, it's thousand dollars, five hundreds

699
00:39:01,320 --> 00:39:04,920
Speaker 1: at a hundred dollars, what would you do dealing like

700
00:39:05,080 --> 00:39:07,520
Speaker 1: what like, what would you do you want to get in?

701
00:39:08,360 --> 00:39:11,320
Speaker 1: Should I buy an n f T all have to invest,

702
00:39:11,520 --> 00:39:15,480
Speaker 1: you know, discretionary in this particular vertical is a hundred dollars?

703
00:39:15,560 --> 00:39:17,560
Speaker 1: What do I do with it to get the best education?

704
00:39:18,440 --> 00:39:20,240
Speaker 1: And then do it f five hundred and a thousand?

705
00:39:22,320 --> 00:39:25,160
Speaker 1: This is good, This is good. Okay, So I think

706
00:39:25,400 --> 00:39:32,719
Speaker 1: step one hundred dollars um what I would do a

707
00:39:32,719 --> 00:39:38,400
Speaker 1: lot of that by the way, yeah, um, yeah, I

708
00:39:38,440 --> 00:39:42,160
Speaker 1: think a hundred bucks, So I would I would literally

709
00:39:42,200 --> 00:39:45,880
Speaker 1: actually just uh convert it into ethereum, go to an

710
00:39:45,880 --> 00:39:51,319
Speaker 1: exchange um, convert by some set it all up, buy

711
00:39:51,400 --> 00:39:55,720
Speaker 1: some ethereum, put it into your metal mask. So basically

712
00:39:55,760 --> 00:39:58,319
Speaker 1: by the etherrem on exchange put it into your metal

713
00:39:58,360 --> 00:40:02,480
Speaker 1: math um. And now you have gas fees and so

714
00:40:02,719 --> 00:40:04,839
Speaker 1: um even with like some of these and at these

715
00:40:04,880 --> 00:40:07,759
Speaker 1: free n f T projects out there, Uh it's like

716
00:40:07,840 --> 00:40:11,040
Speaker 1: free plus gas. Yeah. So gas fees are the toll

717
00:40:11,120 --> 00:40:12,719
Speaker 1: by the way, they're just there's just a toll. If

718
00:40:12,719 --> 00:40:16,280
Speaker 1: I get on a turnpike, you're paying to play exactly

719
00:40:16,400 --> 00:40:19,279
Speaker 1: the transaction. It's it's what pays because there's no again,

720
00:40:19,320 --> 00:40:22,759
Speaker 1: there's no centralized company that's paying the engineers to make

721
00:40:22,800 --> 00:40:25,760
Speaker 1: sure that the blockchain stays running. You're paying the folks

722
00:40:25,760 --> 00:40:28,080
Speaker 1: who are keeping the blockchain running. That's what it is,

723
00:40:28,680 --> 00:40:32,360
Speaker 1: UM and so UM. There are plenty of free n

724
00:40:32,400 --> 00:40:33,520
Speaker 1: f t s, and free n f T s are

725
00:40:33,520 --> 00:40:35,800
Speaker 1: actually a trend right now because because we're in a

726
00:40:35,880 --> 00:40:38,160
Speaker 1: down market, you have a lot of folks who are

727
00:40:38,400 --> 00:40:40,600
Speaker 1: putting out free n f t s. So what I

728
00:40:40,640 --> 00:40:43,160
Speaker 1: would do is I would put that hundred dollars into

729
00:40:43,520 --> 00:40:46,200
Speaker 1: gas fees, and you're met a mask wallet and go

730
00:40:46,360 --> 00:40:49,080
Speaker 1: and go n f T hunting for some free n

731
00:40:49,120 --> 00:40:52,279
Speaker 1: f t s and have just enough gas money to

732
00:40:52,360 --> 00:40:54,800
Speaker 1: be able to actually mint the free n f T

733
00:40:55,160 --> 00:41:02,920
Speaker 1: That's what I do. Five dollars I would UM, I

734
00:41:02,960 --> 00:41:05,320
Speaker 1: would take that initial hundred dollars, put it in the

735
00:41:05,360 --> 00:41:07,480
Speaker 1: gas fees, take the rest of that four hundred dollars

736
00:41:07,840 --> 00:41:11,400
Speaker 1: and just buy ethereum and keep it in your wallet

737
00:41:11,680 --> 00:41:14,239
Speaker 1: and take it off of the exchange and put it

738
00:41:14,280 --> 00:41:17,560
Speaker 1: at the very least into your meta mask wallet. And

739
00:41:17,640 --> 00:41:19,480
Speaker 1: I assume once we get to a thousand dollars, I

740
00:41:19,520 --> 00:41:26,399
Speaker 1: can tell you what I do after that thousand dollars. UM,

741
00:41:26,480 --> 00:41:29,360
Speaker 1: I would do those first few steps, but you know,

742
00:41:29,400 --> 00:41:32,120
Speaker 1: put a hundred dollars into gas fees. I think with

743
00:41:32,200 --> 00:41:34,239
Speaker 1: a thousand dollars you can you can get away with

744
00:41:34,280 --> 00:41:36,880
Speaker 1: buying one n f t UM with the price of

745
00:41:36,920 --> 00:41:40,960
Speaker 1: eight being at around dollars. Right now, most n f

746
00:41:41,000 --> 00:41:44,400
Speaker 1: t s are selling at like you know, UM, at mint,

747
00:41:44,800 --> 00:41:49,680
Speaker 1: at launch UM, you know, around point zero five maybe

748
00:41:49,719 --> 00:41:52,960
Speaker 1: point one eight, so that's a hundred fifty bucks UM.

749
00:41:53,000 --> 00:41:56,160
Speaker 1: So you can go and buy an the thing, though

750
00:41:56,200 --> 00:41:59,320
Speaker 1: again is doing that due diligence. Who are the who's

751
00:41:59,360 --> 00:42:03,319
Speaker 1: the team? Are they publicly known? Publicly known? What are

752
00:42:03,320 --> 00:42:07,239
Speaker 1: they trying to accomplish and build? Awesome? Alright, make sure

753
00:42:07,239 --> 00:42:09,720
Speaker 1: that you get on the allowed list because of course

754
00:42:09,800 --> 00:42:12,920
Speaker 1: they're trying to do supplied to the demand dynamics as well.

755
00:42:12,960 --> 00:42:15,879
Speaker 1: So you gotta be involved in the community UM, which

756
00:42:15,960 --> 00:42:17,759
Speaker 1: usually is going to be on Twitter and Discord. So

757
00:42:17,800 --> 00:42:22,359
Speaker 1: get involved. That's free, getting involved as free UM. And

758
00:42:22,400 --> 00:42:25,040
Speaker 1: then if you get onto the allowed list, the v

759
00:42:25,120 --> 00:42:28,400
Speaker 1: I P list UM meant your first nf team for

760
00:42:28,440 --> 00:42:41,320
Speaker 1: like a Black Tech Green Money is a production to

761
00:42:41,360 --> 00:42:44,480
Speaker 1: Blackvity Afro Tech on the Black Effect podcast network and

762
00:42:44,560 --> 00:42:47,120
Speaker 1: I Hired Media is produced by Morgan Dabon and me

763
00:42:47,480 --> 00:42:51,120
Speaker 1: Little Lucas. But Thedditional Productive Support by Sarah Argony, Rose

764
00:42:51,160 --> 00:42:54,560
Speaker 1: mc lucas. Special thank you to MIKEAE Davis and Vanessa Serrano.

765
00:42:55,200 --> 00:42:56,960
Speaker 1: Learn more about my guests of the tech this roout

766
00:42:56,960 --> 00:43:00,239
Speaker 1: that's an Innovatives at afro tech dot com, Join Black

767
00:43:00,320 --> 00:43:04,439
Speaker 1: Tech Green Money, Share this with somebody, get your money,

768
00:43:05,520 --> 00:43:15,920
Speaker 1: pace and love. I'm Will Lucas in this podcast. If

769
00:43:16,000 --> 00:43:18,520
Speaker 1: you haven't heard, has been nominated for an inn Double

770
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771
00:43:21,320 --> 00:43:23,920
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772
00:43:24,000 --> 00:43:27,040
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773
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Speaker 1: on this category. Head over to vote dot Double A

774
00:43:29,960 --> 00:43:33,520
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775
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776
00:43:37,760 --> 00:43:40,239
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777
00:43:40,520 --> 00:43:44,360
Speaker 1: by US, which highlights the stories of black innovators, technologists,

778
00:43:44,480 --> 00:43:48,320
Speaker 1: venture capitalists and angel investors, scientists and engineers with this

779
00:43:48,480 --> 00:43:50,920
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780
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